Bank of India Loans, Eligibility & Rates

1. BOI Star Personal Loan

Bank of India’s flagship personal loan, BOI Star Personal Loan, targets salaried employees, professionals, high net worth individuals, bank staff, and pensioners receiving payments through BOI branches. Loan amounts range from Rs. 10,000 to Rs. 10 lakhs, with tenures up to 60 months and EMIs starting at Rs. 2,142 per lakh. Eligibility hinges on a credit score of 750+, ensuring net take-home pay stays above 40% of gross income post-EMI.​

Processing fees reach up to 2% (Rs. 1,000 min, Rs. 10,000 max), with no prepayment charges on floating rates. Women borrowers often get a 0.50% rate concession. This unsecured or secured option suits weddings, education, medical needs, or consumer durables.

2. Star Mitra Personal Loan

Designed for inclusivity, Star Mitra aids physically challenged salaried/self-employed individuals and minors via parents/guardians. It mirrors Star Personal Loan features like Rs. 10,000–10 lakhs limits and 10.85%+ rates, prioritizing accessibility.

Applicants need standard documents: ID proof, income verification, and address proof. The bank assesses repayment capacity similarly, maintaining 40% net income post-EMI. This variant promotes financial empowerment for underserved groups.

3. BOI Star Doctor – Plus

Qualified registered medical practitioners qualify for BOI Star Doctor – Plus, tailored for professionals in healthcare. It offers competitive rates from 10.85% p.a., with flexible amounts up to Rs. 10 lakhs and tenures to 60 months.

Eligibility focuses on professional credentials and income stability, often with lower processing fees for salaried doctors. Funds support practice expansion, equipment, or personal needs without collateral in many cases. Doctors benefit from streamlined approval via tie-ups.

4. Star Pensioner Loan Scheme

Pensioners, especially BOI account holders and seniors over 60, access Star Pensioner Loan at 11.10%–13.15% p.a. No processing fees apply for seniors; others pay 0.50% (Rs. 250–1,000). Loan quantum ties to pension income, ensuring affordability.

This scheme provides quick disbursal for medical or emergency needs, with tenures up to 60 months. Family pensioners drawing via BOI branches qualify easily. It emphasizes security for retirees.

5. Star Suvidha Express Personal Loan

Star Suvidha Express speeds up funding for salaried, pensioners, others, and NRIs at 13.15% for salaried/pensioners and 14.15% for others. Limits reach Rs. 25 lakhs, ideal for urgent needs. Express processing suits time-sensitive borrowers.

Eligibility mirrors standard criteria: stable income, good credit, age under maturity. Fixed rates apply: 16.15% unsecured, lower for tie-ups or seniors (14.15% up to Rs. 50,000). Overdraft options add flexibility.

Bank of India structures these loans with borrower profiles in mind, from professionals to pensioners, emphasizing minimal paperwork and digital applications. Rates start competitively at 10.85% p.a., with concessions for women, seniors, and staff. General eligibility spans age 21–60/70, minimum income Rs. 10,000–15,000 monthly (varies by location), and CIBIL 700+.

Documents include KYC (Aadhaar, PAN, Voter ID), salary slips (3–6 months), bank statements (6 months), and ITR for self-employed. Metro/urban minimums start at Rs. 10,000; rural has no floor, max Rs. 5–10 lakhs unsecured. Apply online via bankofindia.co.in or branches for quick eligibility checks.

Processing fees: 0.50%–1% (Rs. 500–5,000 salaried, higher non-salaried), nil for some seniors. No prepayment penalties on floating rates; part-payments allowed post-6 EMIs. EMIs factor income, liabilities; calculators on partner sites like Paisabazaar aid planning.

Compared to peers (Axis 10.40%, HDFC 10.50%), BOI rates hold steady post-2025 hikes. Secured variants lower rates via collateral like FDs. Digital shifts enable paperless approvals for salaries credited to BOI.

For Kenyan professionals eyeing international finance or NRIs, BOI’s NRI provisions under Suvidha suit remittances or investments. Always verify latest via official site, as rates link to RLLR + spread. Strong credit and stable income unlock best terms